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Glossary
Glossary of 7847 Property Development Terms
O
Oakum - Loose hemp or jute fibre that's impregnated with tar or pitch and used to caulk large seams or for packing plumbing pipe joints.
Obelisk - An Egyptian type monument with a tall, tapering shaft of stone with a pyramidal top.
OC (On Centre) - The measurement of spacing for studs, rafters, and joists in a building from the centre of one member to the centre of the next.
Occupancy Beneficial - The use of a premises or a portion for the uses intended, although the work of the project may not be completed.
Occupancy Certificate - A document stating that a building is approved for occupancy. The building authority issues the Certificate of Occupancy
Occupier Waiver - A form to be signed by all occupiers of the property aged over 17 who are not named on the mortgage.
Ochre Yellow - An earthy pigment made from impure iron ore, used in paint.
Off Plan - This is when you buy a new home before it has been built based on the plans and artist's impressions.
Offer - The actual offer to buy submitted by the buyer to the seller. In Scotland this must be done through a solicitor in order to be a binding and legal offer.
Offer Confirmation - This means that you are formally offering to purchase a property and any fixtures, fittings, furnishings and carpets you may wish to include, at a certain price. This is usually done in writing to the estate agents and should state that it is subject to survey and contract. All such offers must be passed by the agent to the seller. This is not legally binding in England or Wales.
Offer Of Advance - The formal offer of a mortgage from a lender.
Offer Price - The price the market maker will quote in order to sell to you the shares you wish to buy.
Office Copies Entries - A Land Registry term for copies of registers and plans, they are officially marked "office copy" and are legally recognised.
Office For Supervision Of Solicitors - Fortunately, as a recognised profession, the law industry has certain standards to maintain and professional bodies to see that the quality of service is appropriate. The office for the Supervision of Solicitors (OSS) is the powerful regulatory arm of the Law Society that oversees the activities of all of its members. They have the power to inflict harsh penalties on any firms or individuals that are seen to be in breach of the solicitors act.
OG Moulding - - A moulding with a profile in the form of a letter S
- A moulding having the outline of a reversed curve.
Ogee - An S shape that is made by making one cut to produce two identical pieces.
Ogee Moulding - - A moulding with a profile in the form of a letter S
- A moulding having the outline of a reversed curve.
Ohm - States that, in a given electrical circuit, the amount at current in amps is equal to the pressure in volts divided by the resistance in ohms. The formula is: I (Current) = V voltage or V = I x R R resistance or R = V/I
Ohm Law - States that, in a given electrical circuit, the amount at current in amps is equal to the pressure in volts divided by the resistance in ohms. The formula is: I (Current) = V voltage or V = I x R R resistance or R = V/I
Ohmmeter - In electrical contracting, a device to measure the resistance across a load. They are never used on a live circuit. It is used to track down broken wires
Oil Bodied Linseed - Linseed oil that has been thickened in viscosity by suitable processing with heat or chemicals. Bodied oils are obtainable in a great range in viscosity from a little greater than that of raw oil to just short of a jellied condition.
Oil Boiled - Drying oil treated with driers to shorten the drying time.
Oil Boiled Linseed - Linseed oil in which enough lead, manganese or cobalt salts have been incorporated to make the oil harden more rapidly when spread in thin coatings.
Oil Canning - The term describing distortion of thin-gauge metal panels which are fastened in a manner restricting normal thermal movement
Oil Kettle Boiled - Oil which has been held at an elevated temperature until the oil has thickened.
Old English Bond - Brickwork laid with alternating courses, each consisting entirely of headers or stretchers.
OM - An abbreviation used by estate agents to refer to a purchaser who must sell a property before they can buy another.
On Centre (OC) - The measurement of spacing for studs, rafters, and joists in a building from the centre of one member to the centre of the next.
One Hundred Percent Mortgage - This is a mortgage loan for the full amount of the property that you are buying. You may have no existing equity, no savings, be using up all you do have on the other costs of the move, or perhaps be saving what you do have so that you can fix up your new home when you do buy it.
One Tank Closed Loop System - A conventional DHW tank, usually electrically heated, is converted to a solar DHW storage tank by installing an external heat exchanger coil. The lower electrical element is removed, leaving the uppermost of the usual two elements to provide auxiliary water heating and to achieve good stratification (layering of hotter water over progressively colder water).
Open Coat - Grit covering 70% or less of the surface backing of sandpaper is referred to as open-coat. This is used on softer wood or paint removal because the chips will not clog the sandpaper as easily.
Open Hole Inspection - When an engineer (or municipal inspector) inspects the open excavation and examines the earth to determine the type of foundation (caisson, footer, wall on ground, etc.) that should be installed in the hole.
Open Plan - A property where most rooms or living areas are not separated by walls.
Open Property Value - The price a property reaches when there is a willing buyer and seller.
Open System - Some part of the System is open to the atmosphere, or system contains fresh or changeable water.
Opening Offer - The first price you offer for a property. This is usually below the asking price. Your opening offer will often go a long way towards determining the final selling price. It is therefore common practice for the asking price to be set artificially high in order to encourage an opening offer that is higher than it would be with a lower asking price. Usually, both sides are aware that negotiation is something of a game of cat and mouse, offer and counter offer.
Opening Rough - An opening in a building framework for the insertion of windows, doors stairways or other openings.
Orbital Sander - Great for finishing work, the square pad can sand inside corners. Should be used with care, because swirl marks can show up when sanding dense hardwoods. Accepts sheet sandpaper.
Order Change - - An order to change the work to be performed under a construction contract.
- An order usually given by an owner to a prime contractor or a by prime contractor to a subcontractor
- A revision in the contract documents after the execution of the owner contractor contract.
Organic - A term designating any chemical compound which contains carbon and hydrogen.
Oriel - A window that is suspended from the face of a building but not extending to the ground.
Oriented Strand Board (OSB) - A manufactured 4' X 8' wood panel made out of 1" or 2" wood chips and glue. Often used as a substitute for plywood.
Originating Fee - A charge imposed by a lender or broker in order to facilitate a loan.
Origination Fee Mortgage - A charge for work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).
OSB (Oriented Strand Board) - A manufactured 4' X 8' wood panel made out of 1" or 2" wood chips and glue. Often used as a substitute for plywood.
OSB Flake Board - A manufactured wood panel made out of 1" 2" wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing. Also called OSB or Wafer Board.
OSB Flakeboard - A manufactured wood panel made out of 1" 2" wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing. Also called OSB or Wafer Board.
OSS - Fortunately, as a recognised profession, the law industry has certain standards to maintain and professional bodies to see that the quality of service is appropriate. The office for the Supervision of Solicitors (OSS) is the powerful regulatory arm of the Law Society that oversees the activities of all of its members. They have the power to inflict harsh penalties on any firms or individuals that are seen to be in breach of the solicitors act.
Outbuilding - Any structure not a part of the main building but existing adjacent to the main structure.
Outfeed - The side of a power tool where the baord exits.
Outlays - Expenses or monies paid out by a solicitor or estate agent.
Outlet - A passage connecting the gutter to the downspout.
Outline Drawing - A top view drawing of a building or roof showing only the perimeter drawn to scale.
Outrigger - An extension of a rafter beyond the wall line. Usually a smaller member nailed to a larger rafter to form a cornice or roof overhang.
Outside Corner - The point at which two walls form an external angle, one you usually can walk around.
Oven Bake - A cooking device containing a chamber wherein food is baked by dry heat; a commercial or institutional oven.
Oven Built In - An oven installed directly into a wall or cabinet.
Oven Wall Mounted - A domestic oven for cooking purposes designed for mounting in or on a wall or other surface.
Over Insured - This is where you have taken an insurance policy that covers you for more than you need and as such you will be paying a higher insurance premium than you need to. It may be that the re-build cost of your home has been overestimated or that your contents insurance covers you for more than the total value of your possessions.
Overdraft - A facility to be in debt with your bank in your current account. Interest is usually charged on any money owing.
Overflow And Waste Fitting - A bathtub drain fitting which provides both the outlet for the bathtub drain and an overflow to drain excess water from the tub.
Overhang - Outward projecting eave-soffit area of a roof; the part of the roof that hangs out or over the outside wall. See also Cornice.
Oversite - This is a rough layer of concrete found below timber ground floors but above ground level.
Owner Beneficial - Person owning lands who is entitled to use it for his or her own benefit. Not, for instance, a trust that holds the land for the benefit of another.
Owner Occupier - The buyer has the right to live in the property and to make use of it in any way that is acceptable to the lender.
Oxidation Photo - Oxidation caused by rays of the sun.
Oxide Aluminium - - Corrosion on surface of an aluminium member caused by oxidation.
- Hard and sharp abrasive made by fusing mineral Bauxite at high temperature.
Oxide Antimony - Pure white pigment which provides about same hiding power as lithopone.
Oxide Berylium - An inorganic material of exceptionally high thermal conductivity which is toxic in the powder form.
Oxide Zinc - A compound of zinc used as a white pigment in many types of paint.
Oxidize - To combine with oxygen in the air.
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